European Central Bank Says that Cryptocurrencies Have No Substantial Implications for Monetary Policy

Everyone knows that most central banks in the world do not have a positive stance regarding cryptocurrencies. Some people in the crypto community believe that central banks are afraid that this new technology can possibly be a threat to the already existing financial systems. At the same time, some other members of the crypto community believe that central banks will, at some point in the future adopt this new innovative technology.

However, recently, a report came out of the European Central Bank that say the cryptocurrency markets are more bearish than most people believe. In this report, they mostly did away with the applications of cryptocurrencies and approached the whole matter with a more negative attitude than before.

In this report, it is mentioned that cryptocurrencies will not fulfill the applications of traditional money. Those who are in favor of cryptocurrencies and the fact that their markets are bullish say that they can in the future replace traditional money and obviously their applications.

However, the European Central Bank dismissed this claim in this report and said that in the current situation, cryptocurrencies could have no real impact on the economy and they should not be regulated and no monetary policy should be set for them.

In spite of all these negative attitudes coming from central banks, cryptocurrencies have recently garnered a lot of fans, including major companies such as Facebook and Amazon. These companies are looking to implement their own cryptocurrencies.

Although the stance of central banks regarding cryptocurrencies is not positive and they largely believe they will have no real application in the future, the mere fact that they are talking about cryptocurrencies is, in the mind of some crypto analysts, indicative of the fact that cryptocurrencies are important. They say the central banks do not want to accept this fact for now. However, their attention to them means they can have a bullish fill market in the future.